Recent survey results have once again indicated that private fee-per-item patients are more likely to cancel or delay a check-up, than those patients with a monthly payment-plan. The survey found that 31 per cent of people said they would reconsider cancelling a dental appointment if they had a dental payment plan. With the economic climate still anything but stable, patients are often amenable to receiving budgeting ideas from their practice.
Therefore, offering a range of payment plan options to help patients budget and pay for their oral health is a good idea financially, and it can also set your practice apart from the competition and ensure loyalty from your patients. The following information is designed to show how to make the most of your payment plan provider and utilise their products and services for a real business advantage.
Utilising services
These days there is far more gain from payment plans than simply the administration services you would expect. Of course, for many practices, this can be one of the biggest benefits, but many plan providers offer additional services as part of your membership and often with no additional fees... so why not?
How you run your business is up to you, but it's worth bearing in mind that some providers offer a range of value-added services which have evolved over the years to reflect consumer trends, political changes and the economic climate. I'm not saying that a plan provider will come in, take over and tell you what you should and shouldn't be doing. It's more like a business partnership where you set out what support and services you need. You and your practice team can then work together with your provider, using their experience, resources and expertise to keep your practice going from strength to strength.
You may also find your provider's experience in clinical governance and regulation requirements help keep you up-to-date with changes - some offering a range of manuals and online support to assist and advise you on political changes and their ramifications. Denplan, for example, offers a range of tailor-made training for the whole practice team to meet your specific needs, as well as a marketing team to help you with promotional materials to help grow and develop your practice.
More for your money
It's also a good idea to seek out the best deal to get more 'bang for your buck'. Your payment plan provider can help. Some providers have a range of industry connections to secure the best deals for their members, and they can often fulfil these offers on your behalf taking the admin and organisation off your shoulders. This can include discounted products and services along with product exclusives from well known brands such as schülke, Intentor, GC, Oral B, Colgate, and many more, often before they are commercially available. These payment plan providers can also use these connections to run consumer-facing campaigns to physically drive new business into your practice.
By becoming a member of a payment plan you can also take advantage of the topic-specific and timely seminars they sometimes run on issues such as minimal intervention, CQC regulations, HTM01-05 and other political issues. These can help you earn your quota of verifiable CPD and can give you valuable support and advice to help your practice grow and thrive.
The extra mile
Your payment plan provider can even help you achieve an externally validated award or accreditation, which can also go a long way to show your competence to your patients. The Denplan Excel Accreditation Programme, for example, is an independently-validated clinical governance peer-assessment programme, allowing you to take a more personal approach to patient communication. The Denplan Stairway Programme can also offer you up to 20 credits towards an MSc in primary care at Birmingham University, as well as 20 credits towards the FGDP's Career Pathway.
So, whether or not you decide to take up the payment plan option remember there is far more on offer than just administration. If utilised properly, this relationship can lead to a highly successful and mutually beneficial business tool to ensure your practice progresses in the right direction for you.